14.
Credit union procedures simplified
The Credit Unions (Amendment) Bill 1995, gazetted by the Government today (Friday), will simplify the procedures for winding up a credit union.
The procedures for winding up a credit union under the Credit Unions Ordinance currently follow the complex provisions for winding up a company under the Companies Ordinance.
The Registrar of Credit Unions has proposed, and the Government has accepted, that winding up procedures should be simplified in the interests of efficiency.
The Bill brings the procedures for winding up a credit union broadly into line with the simpler procedures for winding up a co-operative society under the Co-operative Societies Ordinance, which have worked well over the years. If a credit union needs to be wound up, it is usually because the original common bond of association between the members has dissipated over time and the union is no longer carrying on business.
(Note: The Director of Agriculture and Fisheries is the Registrar of Credit Unions and the Registrar of Co-operative Societies)
End/Friday, February 24, 1995
Second planning application for LegCo Annex Building rejected
The Town Planning Board today (Friday) rejected a second application to locate the proposed Legislative Council Annex Building at the eastern part of the Chater Garden in Central, a spokesman for the Board said.